PRIO announces completion of the acquisition of an additional 30% of Frade Field

05 Feb 2021

PRIO today informed its shareholders of the completion of the acquisition of Petrobras’ 30% stake in the Frade Field, following the signing of the Amendment to the Concession Agreement by the ANP.

With this acquisition, the Company now owns 100% of the Frade Field and 100% of the offshore assets used in the development of the field’s production.

The economic result from the 30% stake in the Frade Field will now be accounted for and incorporated in the Company’s financial statements.